Don't Waste Time & Money, How to Validate your Business Idea
How do I Validate my Business Idea?
Notes from Episode 4 of the Go Rogue Podcast
Steps to Validate my Business
Step 1: Carefully consider the launch and marketing of your product or service.
Remember the quote that says, “If we build it, they will come.” However, this is simply not true when releasing a new product or debuting a new service. It’s not just in the build of your service or product. People need to be aware of your product!
Make sure to consider a plan on how you plan to reach your audience. Do you know what the market’s tolerance is of your product? Do you understand your target audience? Do you have a budget for your launch and marketing? These are all great things to consider BEFORE you launch your product or service.
Step 2: Set One Ultimate Goal
What do you want to accomplish? It is important for your team or company to work toward one achievable and measurable goal. There of course will be other small things you want to accomplish, but pick one ultimate goal that everyone is working toward. Be realistic and know how to track your results so that you can analyze your findings and measure success.
SET SMART Goals
Be willing to let go of what is not working and trying something new. Put your money in what is working! STOP doing it, if is not working. Pouring more money and more time into a poor strategy or simply, a dead market, will not gain you success.
Step 3: Keep Engagement Alive
After the launch of your product or service, it is important to keep up your engagement and keep people excited about your product or what you do!
A few suggestions on how to do this:
Keep an updated email list that you can use for email marketing.
If using an app, take advantage of push notifications.
Strategically use paid social media marketing
Know what your KPI (key performance indicator) is and what also constitutes as failure. It is difficult to track success, if you do not know where even to look.
Know what you are NOT going to focus on. Keep your focus on the goals you set and do not get distracted with trying to do everything.
Step 4: Don’t forget Influencer Marketing!
Let your biggest fans help you! Get to know your audience and understand what they want from you. Invest in ambassadors and influencers to help you spread the word about your business.
What does this look like?
Special Events for your VIP’s or biggest fans
Take pictures with your customers and tag them.
Follow your customers on Instagram without the expectation of them following you back.
Involve your customers in the conversation regarding your products, your events, etc. Customers love knowing you care about their opinions and want them involved in your business.
Ask local celebrities to help endorse your business.
Get friends and families involved, but do not forget to thank them!
Give back to those who help you! People will do things for free once, but after that, make sure to not spoil your reputation. Be thankful and compensate those who have helped you climb to new heights.